INCENTIVES AND FINANCING PROGRAMS
Oklahoma is widely recognized for its outstanding incentive program and pro-business environment. Businesses can choose between a cash incentive or a tax credit package, and in some cases, qualifying businesses can take advantage of both.
These attractive incentives drive bottom-line benefits for industries. Contact the Lawton-Fort Sill Economic Development Corporation for a customized incentive analysis based on these and other locally available incentive programs.
BUSINESS INCENTIVE AND TAX INFORMATION GUIDE
This Business Incentives and Tax Information Guide is more than a summary of Oklahoma's business location advantages; it represents our state's commitment to being a flexible partner with companies and entrepreneurs who already call Oklahoma their home, as well as businesses considering relocating here. Contact the Lawton-Fort Sill Economic Development Corporation to receive a copy of the guide.
OKLAHOMA QUALITY JOBS PROGRAM – 10 YEAR CASH INCENTIVE
Companies can directly receive up to 5% of total payroll in the form of quarterly cash payments for up to ten years. Companies qualify if they are central administrative offices, manufacturers, research and development agencies (including wind power manufacturers), distribution centers (with 40 percent out-of-state delivery) or certain service companies (with out-of-state sales exceeding 75 percent of total sales), and must achieve a payroll (within three years) of $2.5 million or more.
OKLAHOMA QUALITY JOBS – HIGH IMPACT PROGRAM
Lowers annualized payroll threshold to $1 million for businesses that produce new direct jobs to the State that are equal to or greater than 1% of the total labor force of the county in which they locate. Payout is 2.5% of taxable wages for 6 years.
OKLAHOMA QUALITY JOBS – SMALL EMPLOYER PROGRAM
Allows qualifying small businesses (90 employees or less) to receive up to 5% cash-back incentive for up to 7 years to locate or expand in Oklahoma. Companies, other than R&D firms, locating in Oklahoma County must be in an Opportunity Zone to qualify for this program.
21ST CENTURY QUALITY JOBS INCENTIVE PROGRAM – 10 YEAR CASH INCENTIVE
Created to attract growth industries by rewarding businesses with a highly skilled workforce. Provides cash back up to 10% on new payroll for up to 10 years, or twice the Net Benefit of the Quality Jobs program. The new jobs must pay an average wage of the lesser of $94,418 or 300% of the county’s average wage. This incentive targets knowledge-based service industries, such as professional, scientific and technical services, specialty hospitals, music, film, and performing arts. Out-of-state sales must be 50%.
INVESTMENT/NEW JOBS TAX CREDITS
Provides growing manufacturers a significant tax credit based on either an investment in depreciable property OR on the addition of full-time equivalent employees engaged in manufacturing, processing, or aircraft maintenance. A five-year tax credit on the greater of 1% per year of investment in qualified property or a credit of $500 per year per new job, doubled in an Enterprise Zone.
Expansion and Relocation Financing
All businesses, large and small alike, need financing. But what financing resources might be available for you? A wide variety of federal, state, and local tax credit and loan programs could be at your fingertips. Contact us to learn more about these funds and credits and how you might be able to best leverage them to improve your business.
Small Business Administration - Oklahoma City Office
REI - Rural Enterprises of Oklahoma, Inc.
OIFA - Oklahoma Industrial Finance Authority
Lawton and the state of Oklahoma boast a myriad of organizations that provide Venture Capital financing. Take a look:
Oklahoma Seed Capital Fund
Technology Business Finance Program (TBFP)
Oklahoma Life Science Fund
Oklahoma Capital Investment Board (with links to other VC firms with offices in Oklahoma)
i2E (Innovation into Enterprise)
Comanche County Industrial Development Authority
The Comanche County Industrial Development Authority (CCIDA) can provide financing for real estate and equipment. Its primary purpose is to assist industrial development in Comanche County by increasing quality employment and quality of life. The County Commissioner established this industrial trust authority to help foster economic development and growth for Comanche County and Southwest Oklahoma. The trust authority was created to provide local grants and/or public financing that would be used for the expansion and retention of existing industries and jobs, as well as recruitment of new industries and their jobs.
Businesses may contact the Lawton-Fort Sill Economic Development Corporation to explore this financing tool.